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Abstract
Insurance sector has an important role in economic and social development of a country. It is not only contributes to GDP of a country but is also a social security tool in a developing nation. The growth of the insurance sector in India has been phenomenal. Insurance in India refers to the market for insurance in India which covers both the public and private sector organizations. Indian Life insurance sector is growing at a faster rate after the liberalization. There are total 24 life insurance companies in India out of which one is Public Sector Company and remaining are private sector companies. This paper discusses the new innovations and trends in Indian life insurance industry.